Amazon stock slips into bear market: Italy tax probe, AI spend worries and what’s next for AMZN
Amazon shares closed at $198.79 Friday, down 0.4%, capping a nine-session slide that pushed the stock into a technical bear market. Italian tax police searched Amazon’s Milan offices and managers’ homes in a tax-evasion probe. Daiwa Securities cut its price target, citing risks tied to Amazon’s $200 billion AI spending plans. CEO Doug Herrington sold 1,000 shares at $208 on Feb. 11 under a preset plan.